Taseko Mines (TKO) investor relations material

Executive summary

• Adjusted EBITDA for Q3 2025 was $62 million, with a net loss of $28 million and adjusted net income of $6 million; revenues reached $174 million from sales of 26 million pounds of copper and 421 thousand pounds of molybdenum.

• Gibraltar copper production improved to 27.6 million pounds, with higher grades and recoveries, and mill throughput aligned with nameplate capacity.

• Florence Copper achieved substantial completion of the SX/EW plant, began commissioning, and expects first copper cathode production in early 2026.

• A $173 million equity financing in October strengthened the balance sheet, repaid $75 million in revolver debt, and supports project development.

Financial highlights

• Q3 2025 revenues were $173.9 million, up from $155.6 million in Q3 2024, driven by higher copper sales volume and strong pricing.

• Adjusted EBITDA for Q3 2025 was $62.1 million, up from $47.7 million in Q3 2024.

• Adjusted net income was $6 million ($0.02 per share); GAAP net loss was $28 million ($0.09 per share) due to unrealized FX and derivative losses.

• Ended the quarter with CAD 91 million in cash; closed a US$173 million equity financing in October.

• Earnings from mining operations before depletion, amortization, and non-recurring items were $67.3 million in Q3 2025.

Outlook and guidance

• Copper production for 2025 is projected at 100–105 million pounds, with further improvements in grades and recoveries anticipated in Q4.

• Florence Copper is on track for first cathode production in early 2026, with wellfield ramp-up underway.

• Molybdenum production is also expected to improve due to higher grades and recoveries.

• Copper prices are expected to remain strong in 2026, supported by electrification demand and constrained supply.

• Formal 2026 guidance will be provided in the new year, with expectations for more consistent performance and less quarterly volatility.